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Test Your Knowledge on 10 Quizzes on Bills of Exchange Part-I

After depreciation and ledger, here is test for topic”Bill of Exchange”  which  is a written order by the drawer to the drawee to pay money to the payee. A common type of bill of exchange is the cheque  which is also  a bill of exchange drawn on a banker and payable on demand.Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date. The  bills of exchange were a common means of exchange prior to the advent of paper currency. 

Quick 10 questions on CBSE Class-XI Accountancy-Bills of Exchange

test quiz description


Comments ( 14 )

  1. Do you think we will eventually become a society which does not use paper currency and coins to complete transactions. Will coin and currency go away all together? If so, will this change the way we complete transactions or do business in any way?

    What are some opinions on this this is for a research paper I am writing! I would like several opinions and your ages please along with gender for my paper.

  2. A friend has paid me back money he owed me in the form of a $1500 cashier’s check from Chase bank. Chase is also my bank, but I intend to ask them to withdraw the check immediately into cash without it passing through my account. If I do this, will the transaction be reported to the IRS and will I have to pay taxes on it?

    Additionally, if I choose to deposit the check to my account instead of cashing it into paper currency, would the situation change? Would it be taxable and reported to the IRS then?


  3. Are there banks in the US that sell actual foreign paper currency? If so, what banks?

  4. Old paper currency may get oxidized and lose clarity. Anybody know how to store them? Thank you!

  5. Is there any permission required to use the picture of paper currency?
    I need the info in respect of indian currency.

  6. during the civil war, the national banking system issued paper currency. why did people think this money was more secure than the greenbacks that had been in use? was this money in fact more secure?

  7. Micaela Rodriguez
    April 8, 2012 at 5:50 AM

    All the free market is, is people making voluntary transactions out of self interest with no outside interference. The free market brings about the currency in the free market, not the fed. How could paper come about as a medium of exchange if it does not retain its value? Unless, of course, it was mandated by government

  8. five dollar bill with blue department of treasurey stamp and blue serial number CG 54630819 A

  9. The US Treasury prints paper currency and releases it into the system / general economy.

    When paper currency gets worn out, who / what entity decides that it is too worn out for further service, picks it out of the system and returns it to the Treasury for destruction?

  10. Rafael Gomes Scoolta
    June 3, 2012 at 3:43 AM

    Other than the more obvious reasons (such as it being accepted and portable and divisible and stable in value), why would the United States use paper currency?

  11. I have some US paper currency thats beat up real bad. Some of it has holes in it because it’s old. Earliest is 1920. I also have coins that are all melted togetjer from a house fire. I heard about 3 yr ago that theres a place in DC that you can send all this money to and they can discifer what kind of money it is and give you face value. I called the US Treasury 3 yrs ago and noone could help me. Does anyone know what I can do or go to for help?

  12. I keep hearing about our paper currency becoming worthless and this really has me worried. I have a little over $251,000 in a Brokerage fund. Would it be a wise decision to pull all of my money out of there and convert it to gold bullion or buy a bunch of gold coins? I seen that the price for an ounce of gold is around $700 now. Will it keep going up?

  13. Since the dollar is the world’s reserve currency and other currencies are also pegged to the dollar, what happens to other paper currencies if the dollar were to collapse? Would other currencies collapse as well due to the lack of the a gold standard or would most thrive?

  14. Last week I found a penny from 1947! I know, quite a catch. I polished it and will save it for my children and grandchildren, perhaps it will be worth something more than a penny some day. I also found a dollar bill from 1995 recently. I think that’s even more remarkable than the 1947 penny. So what’s the oldest coin currency circulating in the US, in your opinion? What’s the oldest paper currency?

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